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Question 15 of 205.0/ 5.0 PointsA change in the quantity demanded of a product is the result of a change in __________ .A. the price of the productB. the price of related goodsC. consumer income
D. the cost of producing the productQuestion 16 of 200.0/ 5.0 PointsAt Tony's Restaurant, the quantity of large pizzas sold is 200 at the unit price $15. Suppose the price elasticity of demand for pizzas by the initial value method is 1.5, and you would like to increase the quantity sold to 250. Then the new price must be __________ .Question 17 of 200.0/ 5.0 PointsIf the price elasticity of demand is 2, this means that a __________ increase in price causes a __________ decrease in quantity demanded.Question 18 of 205.0/ 5.0 PointsThe Law of Demand can be explained as __________ .Question 19 of 205.0/ 5.0 PointsSuppose that Victoria and her friends are running a fundraiser by selling donuts. They want to know what will happen to their revenue if they increase the price of each donut from $0.80 to $1. What concept do they need to apply to find out their expected revenue?A. price elasticity of supplyB. price elasticity of demand
C. cross elasticity of demandD. income elasticity of demandQuestion 20 of 205.0/ 5.0 PointsIn considering the relationships between price and quantity demanded, ceteris paribus directs the economist toassume that __________ .